Corporate digest

Tat Hong Holdings

MAINBOARD-LISTED crane supplier Tat Hong Holdings delists on Friday morning, the board said on Thursday.

The company will go private in the hands of the chief executive's family and Standard Chartered's private equity arm, after a compulsory share acquisition wrapped up on Wednesday. Investors were offered S$0.55 a share in an exercise that closed on June 4.

Shanghai Turbo Holdings

SHANGHAI Turbo Enterprises has proposed WongPartnership as its independent adviser and Nexia TS Risk Advisory as its independent reviewer, it said. These were in line with conditions imposed by Singapore Exchange for granting its clearance for the circular to shareholders relating to a proposed extraordinary general meeting (EGM) on July 24.

WongPartnership is to oversee the progress of various legal proceedings and report directly to SGX-ST without the need to seek any prior consent from the company and its board, while Nexia TS Risk Advisory is to conduct independent review and make recommendations on the group's key internal controls and processes.

SGX has said that it has no objections, and Shanghai Turbo Enterprises is seeking the Singapore Exchange's approval on the specific terms of reference for the engagements and scopes of engagement and review.

Securities Investors Association (Singapore) on Wednesday urged Shanghai Turbo shareholders to vote against the proposed resolution to remove the incumbent board of directors at the EGM. Its shares closed unchanged at S$2.40 on Thursday.

Clearbridge Health

CLEARBRIDGE Health on Thursday said that its associated company, Clearbridge BioMedics, has completed its fund raising exercise. The S$6.6 million raised will be used to set up laboratory developed tests using Clearbridge BioMedics' technology for clinical applications, as well as to finance the potential listing of Clearbridge BioMedics.

Clearbridge BioMedics has appointed professional parties to advise on its potential listing.

In conjunction with the fund-raising exercise and to simplify the capital structure of Clearbridge BioMedics, all preferred shares and convertible securities were converted to ordinary shares in Clearbridge BioMedics. Following the completion of the fund-raising exercise and the conversion of preferred shares and convertible securities, Clearbridge Health's shareholding interest in Clearbridge BioMedics has dropped from 39.7 per cent to 31.3 per cent.

Advance SCT

A STEEP drop in unrealised foreign exchange gain dampened results for Advance SCT, a supplier of copper-related products, in its second quarter.

Net profit plummeted 96.6 per cent to S$34,000 from the previous year. This was due to a steep drop in its other income segment, which comprised mainly unrealised foreign exchange gain of US dollars versus Singapore dollars. Other income fell by about S$1 million from a year ago because of a waiver of debt in Q2 FY2017.

For the three months ended June 30, revenue rose 13 per cent to S$16.9 million from the year-ago period, due to higher trading volume for metal products, it said.

Olam International

OLAM International on Thursday announced that its subsidiary Olam Americas Inc (OAI) has successfully priced a US$100 million issuance of five-year fixed rate notes via a private placement. The notes were placed to four investors in the US at a spread of 160 basis points over the five-year US treasury rate, which translates to a fixed coupon of 4.35 per cent for five years. Proceeds from the issue will be used by OAI and its US affiliates to repay debt and general corporate purposes.